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Dollar soars on Bank of Japan's easing

Sep 19 2012 07:54 AFP

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Tokyo - The dollar soared against the yen in Asia on Wednesday as the Bank of Japan announced additional monetary easing, boosting an asset-purchasing fund by ¥10 trillion to ¥80 trillion.

The greenback was changing hands at ¥79.11 in Tokyo afternoon trade, up from ¥78.65 earlier in the day, before the BoJ announcement, and ¥78.80 in New York late on Tuesday.

The euro also rose against the Japanese currency, buying ¥103.39 against ¥102.52 earlier on Wednesday and ¥102.79 in New York. The common currency was at $1.3067 against $1.3044 in US trade.

The benchmark index at the Tokyo Stock Exchange gained more than 1.6% to its highest level in four months.

The BoJ announcement was more aggressive than expected and surprised investors, Tsunemasa Tsukada, chief manager of Mitsubishi UFJ Trust and Banking, said.

"Whether or not this gain will form a sustained trend will depends on the monetary policy outlook," Tsukada told Dow Jones Newswires.

Against other Asia-Pacific currencies, the US dollar fell to 54.02 Indian rupees from 54.28 rupees on Tuesday, to 30.80 Thai baht from 30.88 baht, to Tw$29.32 from Tw$29.33, to 1,115.70 South Korea won from 1,118.10 won.

It also fell to 41.60 Philippine pesos from 41.71 pesos and to Sg$1.2239 from Sg$1.2248.

The dollar gained to 9,542 Indonesian rupiah from 9,492 rupiah.

China's yuan rose to ¥12.45 from ¥12.41while the Australian dollar fell to $1.0453 from $1.0464.


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bank of japan  |  dollar  |  markets  |  yen
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